Singapore's GIC says global recession, crisis likely

SINGAPORE, April 21 (Reuters) - A Singapore state
investment fund that bought multi-billion dollar stakes in
beleaguered banks Citigroup and UBS, said a global financial
crisis and recession was increasingly likely but that its
investments in western banks were long-term in nature.

"The financial contagion has now spread beyond U.S. shores,
increasing the likelihood of a global financial crisis and
recession," Government of Singapore Investment Corp Deputy
Chairman Tony Tan told a staff meeting on Monday.

"We could be facing a recession which is longer, deeper and
wider than any recession we have encountered in the last 30
years"

"We regard our investments in UBS and Citigroup as long
term investments which will give us good returns when markets
stabilise and economic conditions return to more normal
levels," he said.